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- Mrs Bectors Food IPO Day 2 Latest News Update; Public Issue Subscribed 4.2 Times, Retail Portion At 8 Times
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The IPO of Mrs. Bectors Food Specialty, a premium biscuit company, was filled 4.2 times on the second day. This is the 7th IPO of the year, which was fully filled on the first day. It was 2.3 times full on the first day. Today, bid has been received on 5.59 crore shares as against 1.32 crore shares issued till morning on the second day of IPO. Let us know that the company has already raised Rs 162 crore from Anchor Investors. This IPO will close on 17 December.
IPO is getting great response
MRS IPO is getting a great response from retail investors. On the second day, the retail portion of the IPO was filled 7.83 times and the share of employees was 9.8 times. In this IPO, a reserve of 50 lakh rupees shares is kept for eligible employees. There is a discount of 15 rupees for the employees. At the same time, the reserve share for non-institutional investors (HNIs) was also subscribed 1.4 times. Today Qualified Institutional Buyers (QIB) bought 1.13%.
15th IPO of the year
On the first day of 2020, the IPO of Mrs. Bactors is completely 7th in terms of subscribers. Earlier, IPO of Happiest Minds Technology was 2.86 times. Also, it was the first IPO of this year, which was fully filled on the first day. Apart from this, IPO of Camcon Specialty Chemicals 5.18 times, Root Mobile, Mazgaon Dock Shipbuilders, Likita Infrastructure and Burger King IPO were also subscribed 1-3 times in the first day. Explain that so far this year, a total of 15 IPOs have come, including Mrs. Bacters.
Target to raise Rs 540 crore
According to Sebi’s File Draft Red Herring Prospectus (DRHP), Mrs Bacters plans to raise Rs 540.54 crore through an IPO. 40.54 crore worth of new shares will be issued in the IPO. Apart from this, the company will raise 500 crore rupees through Offer of Sale (OFS). Its price band has been fixed at Rs 286-288 per share. The main business of Mrs. Bacters food specialty is biscuits, bread and bread. According to file documents in SEBI, Mrs Bactors supplies loafs to the country’s premier Quick Service Restaurant (QSR) such as Burger King, McDonald’s, KFC and Pizza Hut.
The cost of the IPO proceeds
The company will expand the manufacturing area of Rajpura to the proceeds from the IPO. In addition to this, the new biscuit will spend production and for general corporate purposes. Listing on the stock exchange will also benefit the company from listing.
Lead Manager of IPO
Lead managers of this IPO include SBI Capital Markets, ICICI Securities and IIFL Capital. Apart from this, the company’s legal adviser is Shardul Amarchand Mangaldas. After the IPO launch, the company’s shares will be listed on both the exchanges BSE and NSE. In the market, biscuits and bread making companies, Mrs. Bectors Cremica and English Oven are also its flagship. ITC and Britannia, the other companies in this category, are already listed in the stock market.